Coalition Partner of Govt. MQM walks out .
Sindh Governor resigns.
KARACHI: The Muttahida Qaumi Movement said here on Monday that it had decided to part ways with the Pakistan People’s Party and sit on opposition benches in the National Assembly, Senate and Sindh Assembly in protest against the postponement of election on two Karachi seats of the Azad Jamu and Kashmir Legislative Assembly.
MQM-PPP: Business worried over effects on economy.
KARACHI, June 27: Business leaders have expressed concern over current political developments, particularly the Muttahida Qaumi Movement (MQM) decision to quit the coalition with Pakistan People’s Party (PPP).
They believed that the ensuing uncertainty and heightened fears of violent protests could drag the city back into the decade of 80s.
The business community, which has already been in distress over the deteriorating law and order situation, rising cases of kidnappings for ransom, falling sales and production, forecast worse future environment if the ruling PPP fails to win back MQM support by resolving contentious issues between the two key parties of Sindh.
Senator Haji Ghulam Ali, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), said that trade and industry received a severe jerk as news of Monday’s developments spread.
“Pakistan needs political stability before anything else,” he said, adding that the government should keep an eye on the situation and try to avoid circumstances that could lead to instability.
Ghulam Ali said that the country was already in the grip of poor law and order situation, energy crisis, rising unemployment, closure of industrial units and high food inflation.
“Uncertainty after Monday’s development will further deepen the economic crisis,” said the FPCCI chief.
Karachi Chamber of Commerce and Industry (KCCI) president Mohammad Saeed Shafiq said the business community foresaw political disturbances in the days ahead, especially in Karachi, the business capital of Pakistan.
“The entire country will plunge into deeper crisis if Karachi destabilises. The government and the MQM should resolve their issues for the sake of the city and its people,” he said, adding a KCCI delegation was to meet Sindh Governor Dr Ishratul Ibad on Tuesday to discuss various issues.
He claimed that before the Monday’s developments, the KCCI had been receiving two to four cases of kidnappings of traders, extortion of money, plundering of raw material or finished goods loaded in trucks in various industrial areas daily. These issues have never been addressed.
A mills owner had lost a truck loaded with yarn worth Rs1.2-1.4 million on Monday while another businessman had faced losses due to looting of trucks loaded with plastic moulding compound.
He was of the view that about Rs3 to 3.5 million worth of cars were stolen or snatched in city daily.
North Karachi Association of Trade and Industry (NKATI) chairman Faraz Mirza said that the business community views the MQM’s decision as an ‘atom bomb’ which is set to jolt the country’s political and economic activities in coming days.
He feared another wave of poor law and order situation in case the PPP and MQM failed to reach an understanding.
He said the existing governor was well aware of the issues of industries but new faces with new policies will create problems for the trade and industry.
Site Association of Industry chairman Abdul Wahab Lakhani said it was premature to comment on future scenario but the Sindh governor’s resignation was a bad omen for Karachi as well as for the country which would definitely create uncertainty. The governor had a deep relationship with the business community and an understanding of the issues and frankly speaking he had always been in the forefront in resolving any crisis of the business community.
All-Karachi Tajir Ittehad president Atiq Mir said that the traders were highly worried over the future but he hoped that the MQM, like past practice, would review its decision to avert any disastrous political and economic situation.
He said the traders were already facing lukewarm sales for the last two to three weeks due to rising incidents of target killings, high food inflation, 10 to 12 hours power failures, and rising incidents of ‘bhatta’ etc.
He said Sunday and Monday had been the worst for Karachi markets as 70-80 per cent buyers remained at their homes due to fear of backlash over Altaf Hussain’s warning that bad days of the government have started.
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